HomeNewsEconet takes over TN Bank

Econet takes over TN Bank

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BUSINESSMAN Tawanda Nyambirai has stepped down as Econet Wireless Zimbabwe chairperson following a deal that resulted in the mobile phone company assuming 100% ownership of TN Bank.

By Our Staff Reporter

In return, Nyambirai became a minority shareholder in Econet Wireless, thereby making him conflicted.

He will now sit on the Econet Wireless Global board.

Nyambirai joined the Econet Wireless board in 1998.

“I was privileged and still am privileged to have been Econet chairman for almost 10 years or so now,” Nyambitrai told a Press conference in Harare yesterday.

“Econet has since made an offer that I acknowledge to have received. It has not yet gone through the Securities Commission and the Zimbabwe Stock Exchange, but knowing how our markets operate, I thought I must be the first to talk about it before other people did.

“I have received an offer to buy out the remainder of my shareholding in TN Bank in exchange for shares in Econet Wireless. The result will be that TN Bank will become a 100% subsidiary of Econet Wireless.

“I have been an independent chairman of Econet, but because I will cease to be an independent director and chairman of Econet, I have elected to step down from the Econet board.”

Nyambirai said the offer that he had already accepted would be extended to other minority shareholders of TN Bank.

Econet initially acquired a 45% stake in TN Bank after injecting $20 million.

Last week, our sister paper the Zimbabwe Independent, reported that Nyambirai was understood to have disposed of more than $3,1 million worth of Econet shares.

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